Merchant Services & Merchant Accounts
The job of a Merchant Services Provider is to manage and provide a transaction gateway for businesses accepting card as a method of payment. A merchant services account is essentially a bank account exclusive for payments made to your business via card. Once a card payment is processed by your merchant services provider, the funds will be deposited into your merchant services account. The Merchant Services provider will normally charge per transaction for this service.
Card Processing Rates
If you are new to accepting card as a form of payment you may find that card transactions will make up a substantial portion of your daily takings. Make sure your provider offers you a competitive rate in order to avoid paying large sums of commission to you provider.
Key elements to look for when choosing the right provider.
Your customers personal data is of paramount importance be sure to sign up with a merchant service provider that provides a safe transaction gateway.
Customer Service and Support
If something goes wrong or you need support and guidance you are going to need someone available on the other end of line ready to help you.
Card Processing Options
You may start off with a chip and pin machine and later decide it is time to move your business online. Choosing a provider who can help with accepting card payments across the board takes the stress away when making new decisions in your business.
Many merchants choose to go through their bank to process card transactions however this method tends to be costly. CardSave are able to leverage cheaper rates with banks and are part of WorldPay, the UK’s largest card processor*.
Applying for a Merchant Account
When applying for a merchant account it is important to take costs into consideration and make sure there are no hidden charges. Your rates will be based on your company turnover. Once you decide which provider to go with you will need to provide financial information regarding your business. If your business is less than 12 months old you will need to provide a business plan. All in all the process of getting set up will take about 3-4 weeks as it takes time for the merchant services provider to check all the paperwork.
When processing card payments you and your merchant services provider need to be PCI compliant by law. Naturally, you would expect a high level of security from your provider. CardSave processes card transactions through a 128 bit encryption. We also provide guidance and assistance to help our members become PCI compliant.
Your provider will process transactions for you on a daily basis. You need to know that you are receiving an excellent level of service and you will be taken care of should anything go wrong. CardSave have a support line open 7 days a week just in case you need any assistance. We also provide customers with a personal payment specialist ready to help and advise you.
The UK is the number 1 country for Ecommerce. Thousands of online businesses are starting up every year, all wishing to accept cards as a payment method online. When you choose your merchant services provider be sure they have a wide range of card processing methods available to you. If you take orders over the phone you may need a virtual terminal, whereas if you have a website you may require a different online solution.